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Nonprofits with a need for speed?

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in Small Business Tax

A new streamlined form for nonprofit organizations is stirring up controversy. The IRS has created Form 1023-EZ that certain organizations can use to apply for tax-exempt status under Section 501(c)(3) of the tax code. It’s only two pages long as compared to 26 pages for regular Form 1023.

To qualify for the streamlined version, an organization can’t have more than $200,000 of projected annual gross receipts in any of the next three years; annual gross receipts of more than $200,000 in any of the past two years; or total assets of more than $500,000.

Despite some complaints that the faster, easier form circumvents the vetting process, the IRS intends to release it this summer.

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